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Reddit crowns Clover Health as yet another meme stock

5 days ago   |   By Business Insider

Summary List Placement The US-based insurtech, which went public via a $3.7 billion SPAC in January, saw its share price surge 86% on Tuesday after Reddit put the stock in their sights, per Bloomberg.
Meme stocks explained: As with video game retailer Gamestop's shares in January, Reddit forums like r/WallStreetBets continue to create herd mentality among retail investors barrelling through the stock market, as Insider Intelligence expected.
For these retail investors, meme stocks fulfill three functions:
Punishing short sellers. Clover Health short sellers, who believed the stock was...
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